Clydesdale & Yorkshire Bank was spun-off by National Australia Bank in 2016 and has since become a leaner-meaner banking machine. CYB is further bulking up through the acquisition of Virgin Money in the UK.
Overnight CYB announced a 7% increase to its preliminary offer to acquire Virgin Money, and extend the final bid deadline to the 18th June.
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Whilst a key to holding CYB long-term is the impact of Brexit-related
macro-economic risks, we see scope for a rally back to $6.00 following the take-over.
